Slater Walker Companies

HC Deb 07 November 1977 vol 938 cc289-90

9. Mr. Lipton

asked the Secretary of State for Trade what inquiries are in progress into the affairs of the Slater Walker companies.

Mr. Clinton Davis

None, Sir.

Mr. Lipton

Is my hon. Friend aware that the Bank of England has already spent many millions of pounds in helping Slater Walker put of the quagmire in which it has become involved? How many more millions of pounds will be given, either by the Bank of England or the Treasury, to help Slater Walker?

Mr. Davis

My hon. Friend's Question asks whether inquiries into the affairs of the companies are in progress. I do not think that his supplementary question was addressed to that matter, but consierable inquiries have already been undertaken by the accountants instructed by the company under Section 109 of the Companies Act 1967, by the Singapore Stock Exchange and by an inspector appointed by the Singapore Government. At present, there is no further requirement under the duties that are imposed upon my right hon. Friend which would justify a further inquiry.

Mr. Skinner

When does my hon. Friend expect the report of the inquiry which has been instituted by the Department to be made available?

Mr. Davis

The inquiries were undertaken under Section 109 of the Companies Act 1967. No report will issue therefrom.

Mr. Arthur Lewis

Another cover-up.